Refinance

ckinkc

LoanSafe Member
#1
I would like to refinance my 1st mortgage. I have a second that I haven't paid since 2010. It has been written off. My question is if I try to refinance will the second move up to the 1st position or will it remain in the 2nd position since it has been written off?
 

Jzone

LoanSafe Member
#2
I would like to refinance my 1st mortgage. I have a second that I haven't paid since 2010. It has been written off. My question is if I try to refinance will the second move up to the 1st position or will it remain in the 2nd position since it has been written off?
You will need to know:

Run a credit report. How does the second mortgage shows up in your credit report. Collections? Charged off?

Does the second still have a lien on your property? Even though you havent paid since 2010, it probably still has a lien.

Has anyone attempted to collect the debt owed on the second?

You won't be able to refinance with a lien still existing from the second mortgage. Check with your county register of deeds and see if the lien is still there. It most likely is. If its been "charged off", someone else has the debt (and probably has been assigned the lien) and will continue to attempt to collect.

You will need to settle the second mortgage lien before you are able to refinance the first. You could also pay a title company to do a title search. This would show who has legal title to the property and any liens attached to the title.
 

ckinkc

LoanSafe Member
#3
You will need to know:

Run a credit report. How does the second mortgage shows up in your credit report. Collections? Charged off?

Does the second still have a lien on your property? Even though you havent paid since 2010, it probably still has a lien.

Has anyone attempted to collect the debt owed on the second?

You won't be able to refinance with a lien still existing from the second mortgage. Check with your county register of deeds and see if the lien is still there. It most likely is. If its been "charged off", someone else has the debt (and probably has been assigned the lien) and will continue to attempt to collect.

You will need to settle the second mortgage lien before you are able to refinance the first. You could also pay a title company to do a title search. This would show who has legal title to the property and any liens attached to the title.

It does not show up on my credit report. It never has, but I do know that there is a second lien. Originally was Household Realty Corp. Sold to Greentree/Ditech.
 

Jzone

LoanSafe Member
#4
It does not show up on my credit report. It never has, but I do know that there is a second lien. Originally was Household Realty Corp. Sold to Greentree/Ditech.
I would start with your county register of deeds and see who actually holds the lien.